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Welsh Government Economic Action Plan

Posted on: December 14th, 2017 by Mike Fenwick No Comments

The Welsh Government this week published a new Economic Action Plan for consultation which sets out how financial support is going to be delivered to businesses in Wales over the next 10 years.

One of the key changes set out in the plan is that in return for financial support there will be an expectation that businesses will enter into an economic contract with Welsh Government to assist with delivering the wider objectives of the economic strategy in Wales. (more…)

Mistakes to Avoid in Xero

Posted on: December 14th, 2017 by Judith Mallen No Comments

Making transfers between two accounts

When recording a transfer between two bank accounts users tend to code it as a transfer in each account which results in unreconciled transactions in both bank accounts. To avoid this only code the transfer in Bank Account 1 and Xero will automatically create a corresponding entry in Bank Account 2. You will only need to match the transaction in Bank Account 2. (more…)

Welsh advisory firm praised in annual charity satisfaction audit

Posted on: December 12th, 2017 by Sarah Case No Comments

A leading South Wales-based advisory firm has been recognised as one of the country’s top performing charity auditors in a leading UK industry survey.

Broomfield & Alexander was highlighted for ‘special mention’ in Charity Finance’s annual survey of more than 800 charities, ranking the it joint second for overall service and joint third for charity expertise, for firms that received 30 or more responses. In total, 36 of the firm’s charity clients responded to the survey. (more…)

The importance of having good management information within your law firm

Posted on: December 11th, 2017 by Seamus Gates No Comments

Your firm’s COFA is partly responsible for the efficient running of the financial management of the practice, due to their necessary close interaction with the SRA AR. However sole responsibility should not lie with that one individual. All members of your management team should play an active role.

Good financial management processes should include monitoring and reporting procedures. Reviewing consistently updated management information is a way of complying with this requirement, but it may also help to improve business performance. (more…)

Budget 2017: What it Means for Entrepreneurs Considering Exit or Investment

Posted on: December 8th, 2017 by Katherine Broadhurst No Comments

Speculation was rife in the lead up to the Budget last week – in the face of waning growth and declining productivity, and against an overriding econo-political narrative that our public services are struggling and living standards falling – that Chancellor Philip Hammond would be forced to introduce sweeping changes affecting entrepreneurs and SMEs. Commentators foretold an overhaul of Entrepreneur’s Relief and the rules impacting private and institutional investors in SMEs (via the Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCTs); owing to the tax advantages these schemes confer. (more…)

Top Hints & Tips for Sage 50 Accounts

Posted on: December 8th, 2017 by Judith Mallen No Comments

Would you rather see something useful on opening Sage rather than the Welcome Page? If so:

– Go to Tools
– Go to Options
– Go to View
– In Desktop choose what you would like to see from the dropdown menu. (more…)

Claims for R&D tax credits hit record high

Posted on: November 30th, 2017 by Denise Roberts No Comments

Research and development (R&D) tax credit claims by small businesses climbed to £1.345 billion in 2015/16, according to HMRC.

The revenue recently released R&D data for the previous financial year that shows claims increased from £1 billion in 2014/15 to hit another record high last year.

The total number of claims for R&D credits in 2015/16 also rose to 26,225, with SMEs accounting for 21,865 of that figure – up 22% on 2014/15. (more…)

Online self-assessment: How to complete your self-assessment tax return online

Posted on: November 30th, 2017 by Sarah Curzon No Comments

For self-employed people, company directors and those receiving other sources of income, it’s the time of the year to send your self-assessment tax return.

Self-assessment is the process used by HMRC to collect tax from individuals who may own a business or receive income outside of formal employment.

A tax return is a form which accounts for all income an individual received during the tax year, which runs from 6 April to 5 April. This can be completed on paper or online. (more…)

Accounts for limited companies

Posted on: November 30th, 2017 by Ian Thomas No Comments

Audits may be a thing of the past, but certain annual reports still apply.

If you’re a business owner, you may be familiar with the process of submitting your accounts for official inspection by an independent body. This is known as an audit.

You may also breathe a sigh of relief as most small businesses are no longer required to get their financial statements audited after the exemption thresholds were increased for financial years that begin on or after 1 January 2016. (more…)

More Maths for everyone?

Posted on: November 23rd, 2017 by Leighton Reed No Comments

The Chancellor presented his first Autumn Budget earlier and there were a few surprises as well as a few more gags. As part of the Government’s extra focus on the digital and tech sector and the recognistion that mathematics will play a key part of the growth in this important area, there will be cash incentives for more Maths teachers and additional maths students.  Maybe this was no surprise from “Spread-sheet Phil”.    (more…)

Latest From The Blog


Welsh Government Economic Action Plan

The Welsh Government this week published a new Economic Action Plan for consultation which sets out how financial support is going to be delivered to businesses in Wales over the next 10 years.

One of the key changes set out in the plan is that in return for financial support there will be an expectation that businesses will enter into an...

Read more

Mistakes to Avoid in Xero

Making transfers between two accounts

When recording a transfer between two bank accounts users tend to code it as a transfer in each account which results in unreconciled transactions in both bank accounts. To avoid this only code the transfer in Bank Account 1 and Xero will automatically create a corresponding entry in Bank Account 2. You will only need to match...

Read more